Are Unapplied payments included in the Aged AR report?
if not, what's best practice on how to report and reconcile?
They are not, nor are they included in the Outstanding Statement. You could add an aging formula field to the cash receipt which would give you a real time unapplied cash aging, but it would not give you a historical aging as of the end of the period.
You can get the unapplied balance as of the end of the period by running a transaction report on the unapplied cash GL Account that is filtered on Accounting period start or end date from " the beginning of time" to the last day of your accounting period.
If you subtotal it by Account, you will get the balance by customer, and there are formula fields you can create to tie all activity from BCR and CR to the CR so you can get a balance by CR - but you would probably need to pull it out to excel to calculate an aging as of a particular date that is not today.
It would be lovely if AS included unapplied CR in their period aging process and their outstanding statements, though.
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